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ARTICLE · 22 OCTOBER 2018

Joint Application By Operational Creditors Under Section 9

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This judgment has come at a time when Tayo Rolls' application for ‘closure of business units' is currently pending before the Jharkhand High Court.

IndiaInsolvency/Bankruptcy/Re-Structuring
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IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL (NCLAT)

Suresh Narayan Singh v. Tayo Rolls Limited

Company Appeal (AT) (Insolvency) No. 112 of 2018

[DECIDED ON 26.09.2018]

FACTS

Tayo Rolls, which is a Tata Steel subsidiary, has been a subject of controversy for over a decade now. The company has been facing losses from 2008 and even before the advent of Insolvency and Bankruptcy Code (IBC); it had filed under provisions of the now repealed Sick Industrial Companies Act (SICA). Tayo Rolls is also involved in judicial proceedings over non-payment of wages to its workers.

Recently, 284 workers in a representative capacity sought to enforce insolvency proceedings against Tayo Rolls under section 9 of IBC for unpaid wages.

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